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EBRD goes big: The European Bank for Reconstruction and Development (EBRD) will provide USD 532 mn in soft financing to the National Bank of Egypt, Banque Misr, and impact investor Mediterrania Capital Partners, the International Cooperation Ministry said in a statementyesterday.
#1- NBE to get the lion’s share of the funds:The EBRD will provide USD 400 mn to the state-owned bank, the ministry said, without disclosing how the funds will be deployed.
#2- Banque Misr to on-lend to small firms: Banque Misr will receive USD 100 mn which it will direct to supporting micro, small and medium-sized enterprises (MSMEs). The state-owned bank will focus its lending on businesses located in areas with limited access to financial services. The EBRD signed off on the loan at the end of May, according to its website.
#3- More dry powder for Mediterrania Capital Partners: The European lender will invest EUR 30.2 mn (c. USD 33.6 mn) in theMalta-based impact investor’s Mediterrania MC IV fund, according to the ministry and the EBRD’s website. The fund, which has a EUR 350 mn target close, will invest in mid-cap companies in Egypt, Morocco and Tunisia, focusing on healthcare, retail, financial services and manufacturing sectors, with especially women-owned businesses. The EBRD approved the investment last month after expressing its interest in making a commitment to the fund last October.
The fund has attracted the attention of global DFIs: The International Finance Corporation committed EUR 25 mn in March while the European Investment Bank (EIB) has invested EUR 15 mn.
Next up: the EIB? International Cooperation Minister Rania Al Mashat said this week that the EIB plans to commit EUR 4 bnin financing to Egyptian development projects between now and 2030. The minister did not name specific projects that will receive funding, but said that the government’s flagship Nexus for Water, Food and Energy (NWFE) climate adaptation program will be included.
** Egypt will serve as the vice-chair of the EBRD’s 2024 annual meeting in Armenia, the ministry said.
